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As discussed in the 7 Big Data Trends for 2017, organisations need to apply big data analytics to make sense of their organisation and their environment. The impact big data analytics will have on your organisation depends on which type of business analytics is applied within the business. There are four types of analytics, ranging from descriptive and diagnostic analytics to the more advanced predictive and prescriptive analytics. These are different stages of understanding your business and the more advanced the analytics is, the more complex it will be, but also the more value it can create for your organisation.
Organisations that apply business analytics tools will be better able to understand their organisation as well as their environment. It will improve the ability to make the right decisions at the right moment and as such seize the right opportunities to create competitive advantage. Descriptive and diagnostic analytics enable an organisation to use a variety of structured data sources to achieve insights in what has happened, it is commonly referred to as business intelligence. Predictive analytics uses machine learning and artificial intelligence to discover patterns and understand relationships in various unstructured and structured data sources to develop predictions for the future. Finally, …
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